How is 20% of the supply suddenly 51% of the stake?
75 million SP is not 51% of 200 million SP. Also, isn't a supermajority (17/21) of witnesses required for a hard fork to go through? Is there an error in your logic?
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@aggroed's point is that with 75M Steem Power, one would have enough votes to elect all top 21 witnesses. This is because the most highly voted witness of @yabapmatt currently has 46M Steem Power voting for him. This assumes the rest of the community does not create additional votes to counteract any voting done with the STINC stake.
Note that an account can vote for multiple witnesses. I didn't originally realize this because it's so counter-intuitive. Basically voting for multiple witnesses does not diminish the contribution of each individual vote.
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Not even close to 200 million votes for witnesses, and it is likely that it never will. Similarly, 75 million is 20% of the total supply of STEEM, not SP. And also similarly, it is very unlikely that anything close to 350 million total STEEM will ever power up as SP.
75 million is 37.5% of the currently powered up SP, not 20%. 37.5% is easily more than enough exercise total control given that not all of the powered up SP votes.
In theory, in some extreme hypothetical, 75 million might not be enough for total control, but in reality that is very unlikely.